News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
Forex: USD/CHF Technical Analysis – Candles Hint at Rebound

Forex: USD/CHF Technical Analysis – Candles Hint at Rebound

Ilya Spivak, Head Strategist, APAC

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

  • USD/CHF Technical Strategy: Flat
  • Support: 0.8776-50 (Feb 28 low, 38.2% Fib exp.), 0.8705 (50% Fib exp.)
  • Resistance: 0.8855 (trend line)

US Dollar indecision may turn into an upward reversal against the Swiss Franc after prices showed back-to-back Doji candlesticks above support in the 0.8750-76 area, marked by the 38.2% Fibonacci expansion and the February 28 low. Positive RSI reinforces the probability of a turn higher. Near-term resistance is at trend line set from late January, now at 0.8847. Alternatively, a reversal below 0.8750 aims for the 50% Fib at 0.8705.

Doji candlesticks signal indecision and are not sufficient by themselves to signal a reversal without confirmation. We will continue to stand aside for now, waiting for a break of trend line resistance to look for buying opportunities.

Confirm your chart-based trade setups with the Technical Analyzer. New to FX? Start Here!

dailyclassics_usd-chf_body_Picture_11.png, Forex: USD/CHF Technical Analysis – Candles Hint at Rebound

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES